养老保险缴费率与企业跨省投资转移行为--来自中国上市公司的证据

Pension Contribution Rate and Inter-provincial Investment Transfer Behavior of Enterprises—Evidence from Chinese Listed Companies

地区养老保险缴费负担差异可能会引起资本跨区域转移。基于2011—2015年非金融业A股上市公司数据以及省份层面的养老保险实际缴费率数据,本文实证探究了养老保险缴费负担对企业跨省投资转移行为的影响。研究发现:地区实际养老保险缴费率的提高显著增加了企业的跨省投资转移行为。机制分析表明,较高的养老保险缴费负担提高了企业的劳动力成本,导致企业倾向于选择到养老保险缴费率较低的地区进行投资。异质性分析结果表明,地区养老保险缴费负担对规模较大、融资约束程度较高以及地区制度环境不完善的企业的跨省投资转移行为影响更为显著。此外,最低工资标准的提升进一步加剧了地区养老保险缴费负担对企业跨省投资转移行为的影响。本文从促进区域均衡发展的角度凸显了社会保险缴费率全国统一的重要性,对社会保障体制的进一步完善具有一定借鉴意义。

Differences in the burden of regional social insurance contributions may cause cross-regional transfer of capital.Based on the data of non-financial A-share listed companies from 2011 to 2015 and the actual contribution rate data of pension insurance at the province level,this paper empirically explores the impact of pension contribution burden on transfer behavior of cross-region investment of listed companies.The results show that the increase of the actual contribution rate of the regional pension increases the inter-provincial investment behavior of enterprises.Mechanism analysis results show that the higher contribution burden of pension insurance increases the labor cost of enterprises,which leads to the tendency of enterprises to choose the areas with lower pension contribution rate for investment.The heterogeneity analysis results show that the regional pension insurance contribution burden has a more significant impact on transfer behavior of cross-region investment of listed companies with large scale,high financing constraints and imperfect institutional environment.In addition,the increase of the minimum wage standard has further aggravated the impact of the regional contribution burden of pension insurance on transfer behavior of cross-region investment of enterprises.This paper highlights the importance of national unification of social insurance contribution rate from the perspective of promoting regional balanced development,which has certain reference significance for the further improvement of social security system.